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CKYC========== Central Know your customer
- 1. Department of ComputerEngineering & Applications Institute of Engineering & Technology Submitted By Abhishek Rai Roll No. 181500025 Presentation On Central Know Your Customer (CKYC)
- 2. INTRODUCTION • Traditionally, KYCor Know Your Customer has been a tedious, time-consuming and stressful process for the BFSI industry in onboarding customers. However, with the introduction of Central Know Your Customer (CKYC) registry, the documentation process has now become simpler and quicker for the customer, and importantly safer for all. • KYC, replaced by CKYC (Central Know Your Customer), is introduced to curb the illegal fraudulent activities that abound in the financial sector. It secures financial houses by helping them know the customer easily. It is an initiative by the Government of India that aims to have a structure in place to bring the KYC process of all financial sector entities under a single window. • KYC is managed by CERSAI (Central Registry for Securitization Asset Reconstruction and Security Interest of India). The body is responsible to receive, hold, safeguard and when required, retrieve KYC records of customers in digital form.
- 3. WHY CKYC • Customerswill now undergo the process of CKYC just once – i.e. either with a bank, mutual fund or insurance company. They won't have to fill up the KYC form all over again while doing business with any other financial entity. • CKYC is a 14-digit number linked with ID proof • All documents are stored in a digitally secured electronic format • The documents submitted are verified with the issuer • All the concerned institutions will get timely notifications if there are changes in KYC details • The portal is user-friendly and safe.
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- 6. WORKING OF CKYC •When the customer is starting a financial relationship, they would first be asked to submit the required documents and fill the KYC form. The documents would then be sent to CERSAI. Once the CKYC is completed for the client, they will be allotted a 14-digit unique CKYC identification number. • So, in case in the future the client wishes to invest in another fund house, they will not need to re- submit the documents again. The financial house will request the CERSAI to furnish the documents with the help of the assigned CKYC number. This way, the process offers several benefits: • Saves Time and Energy: • Once a customer is registered under CKYC, they won’t have to go through the whole documentation process again • Easy Access: • Clients can update their details in the CKYC registry anytime, without much effort
- 7. • Easy toFollow: • Investors can register easily by following simple steps • Safe: • Eliminates money laundering and other illegal activities in the financial sector • Less Burden: • It's easier for the investment authorities to retrieve a customer’s data • Convenience: • Clients can buy or invest in various financial schemes – with the help of the CKYC number.
- 8. DOCUMENTS NEED TOCOMPLETE CKYC • Here’s a list of documents required for CKYC registration. • Duly filled CKYC form with signatures. • Valid identity Proof — Aadhar card, PAN card, passport, driver’s license, voter id, etc • Address Proof — passport, driver’s license, etc • Photograph
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- 10. CURRENT APPLICATION FLOW(SOURCEAPPLICATION TO TARGET APPLICATION) :
- 11. UTILITY • Utility isa system which can retrieve the data from database along with Customer Identification file (CIF) Number. • This Utility simplifies the task of retrieving data because of its user-friendly nature. • There is a conclusion that there is a Utility that performs the functions of automating the usual working process of IT company. • It is a kind of strategy to start the development from designing and constructing the database, as this structure will determine the further structure of the application program.